What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

What‘s Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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3957 E Bellerive Drive Chandler, AZ 85249

$760,000

3 Beds

2.5 Baths

2,473 SqFt

Status Active

MLS # 6737494

Property Type Single Family Residence

Price Type --

Immaculate home is designed to perfection. Warm neutral decor, shutters, quartz counters thoughout, paver patio and pergola, turf, epoxy garage floors and ceiling can lighting upgrades just to name a few. Open concept living with greatroom and dining areas adjacent for entertaining. Kitchen features upgraded cabinetry, island, double ovens, gas cooktop and huge walk in pantry. Master suite offers walk in closet, tiled shower and soaker tub. 2 additional guestrooms share a private bath and one offers an additional walk in closet! Office space with french door for work or hobbies. Relax outdoors in front of the fireplace while you enjoy the serenity of the low maintenance backyard . Storage galore including a golf cart garage, extended 2 car garage and a climate controlled storage area.

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19130 E Sunnydale Drive Queen Creek, AZ 85142

$760,000

3 Beds

2 Baths

1,707 SqFt

Status Active Under Contract

MLS # 6745092

Property Type Single Family Residence

Price Type --

A beautiful mini ranch in the perfect location of Queen Creek AZ! This property has it all for the horse & animal lover! Perfectly set up w/ an arena off of the 6 stall mare motel!, Fenced grass pastures, that are irrigated & lush w/ Bremuda for the horses to graze. Massive hay barn, easily fits 2 squeezes, or you can park your RV in its shade! Large gated access at the back & front of the property for big trucks, & horse trailers. The gorgeous home has a wide open floor plan, tile in all the right places, remodeled & beautifully updated, Master bedroom, is split, w/ private bath & walk in closet. Guest rooms have ample space, & full guest bath, dinning or den in great room, 3 car garage, multiple AC's and Splits. Mountain views, country living, yet close to all amenities.

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6868 Deuces Wild Road Show Low, AZ 85901

$760,000

4 Beds

2.5 Baths

2,613 SqFt

Status Active

MLS # 6741782

Property Type Single Family Residence

Price Type --

Bring your animals and come live the quiet, country life in this gorgeous 4 bedroom 2.5 bathroom home on 5 acres (approx. 217,800 sf) , with forest service land on 2 sides. Enter the front door and up a short flight of stairs you will find a large open concept living room, dining room, and kitchen. Large dual paned windows (all installed this year) allow for a ton of natural light. The kitchen features ample cabinet space and plenty of room to work. Off the kitchen you will find a bonus room with endless possibilities: a craft room, homeschool space, or just room to relax. Three bedrooms and two bathrooms are also on this level. The master bedroom allows access to the back deck with a hot tub. Downstairs is a ½ bath with laundry, an additional bedroom, and access to the 2-car garage. Outside is landscaped with a storage shed, well house, greenhouse, round pen and barn. The barn is 36' X 36' with 4 stalls, hay storage, and a tack room (12' X 12 with locking door).

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9389 E Corrine Drive Scottsdale, AZ 85260

$760,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6746133

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this meticulously remodeled 3-bedroom, 2-bathroom home nestled in Scottsdale's most sought-after neighborhood on a massive cul-de-sac lot. Every inch of this residence exudes elegance and modern sophistication. The kitchen is a true showpiece, featuring pristine white shaker cabinetry and sleek quartz countertops that create a perfect setting for culinary creativity and entertaining guests. The spa-like bathrooms are designed with indulgence in mind, offering expansive walk-in showers and exquisite attention to every detail. The allure of this home extends outdoors, where you'll find a spacious front courtyard adorned with lush greenery and mature landscaping—ideal for peaceful mornings or evening relaxation. Step into your private backyard oasis, complete with a serene spa where you can unwind and rejuvenate in utter tranquility. This home seamlessly blends style, comfort, and functionality, making it an ideal choice whether you're searching for your forever home or a wise investment. I'm excited to introduce you to this Scottsdale gem that truly has it all. Don't miss your chance to make it yours!

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1541 N Blue Grass Ranch Drive Lakeside, AZ 85929

$760,000

3 Beds

2.5 Baths

2,398 SqFt

Status Active

MLS # 6746939

Property Type Single Family Residence

Price Type --

Gorgeous Cabin in popular Blueridge Estates with NO HOA & on large 19,906 sqft lot with mature Aspen & Pine Trees! Great 3 Bedrooms + Loft layout with lots of upgrades including T&G vaulted ceiling , large wall of windows looking out to forest & floor to ceiling stone gas fireplace. Open and bright kitchen with custom cabinets, pull out drawers, appliance garage, double sinks, double ovens, 5 burner gas stove top, & spacious eating area. Master has gas fireplace, two walk-in closets, walk-in shower, Jacuzzi tub, & door to back patio hot tub! Back patio is 60' wide, ideal for entertaining. RV connection & EV charging! Close to all that Lakeside/Pinetop has to offer including restaurants, lakes, fishing, and Sunrise Ski Resort! Has been successful vacation rental with 48 - 4.9 star reviews!

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8775 W Lane Avenue Glendale, AZ 85305

$759,999

4 Beds

3 Baths

3,037 SqFt

Status Active

MLS # 6613855

Property Type Single Family Residence

Price Type --

Completely remodeled and OVER 3,000 Sq ft home! Very Spacious home with 4 bedrooms, 3 full bath and a pool. New, granite counter tops, marble styler flooring throughout and beautiful modern showers. Tall archways, and open floor plan perfect for hosting. The pool has a safety gate for families. 3 car garage. Perfectly located in the highly desirable Rovey Farm Estates, within minutes from Westgate Entertainment Center and Cardinals State Farm Stadium. MUST SEE PROPERTY! Home is also available for rent for $4,500!! Furnished!

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769 E Prescott Drive Chandler, AZ 85249

$759,995

5 Beds

3 Baths

3,614 SqFt

Status Active

MLS # 6716583

Property Type Single Family Residence

Price Type --

Great Home in Kerby Estates. Formal Living & Dining Room. Large eat in kitchen with an island. Granite Counter Tops. Family room opens to covered patio and grassy backyard. First floor has one bedroom and full bath. There are 5 bedrooms, 3 full bathrooms. Huge loft for game night or movie night. Large Primary Bedroom and bath with separate tub and shower and generous closet. Situated on a Large lot. Covered Patio, Grass and Built In BBQ. Plenty of storage in the three car garage with garage cabinets. Original owners have kept this home well maintained. Close to Intel, Wells Fargo, Amazon, MicroChip and Chandler Mall. Near the 202 & 101 & the 10. Highly Rated Chandler Schools. Yes it is Hamilton High School. Chandler Airpark is close by.

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22839 E Nightingale Road Queen Creek, AZ 85142

$759,990

3 Beds

2.5 Baths

3,162 SqFt

Status Active

MLS # 6694655

Property Type Single Family Residence

Price Type --

Ready this Summer! Juniper plan!Larger homesites for your new home.~~ Sultana at Madera allows for quiet living with convenient access to the 24 Freeway and Shopping while providing amazing community ammenities including a community pool, pickle ball, bocce ball, playgrounds, bbq's, and ramadas. Our lovely quick move in home features wood plank tile floors like the model~ in the main living areas, plush carpeting in the bedrooms, White shaker style cabinets , island in a darker shale color~ quartz kitchen countertops & unique tile backsplash. This is showcasing a 3 bedroom & 2.5 baths, parlour,den & teen room. Den leads to a private courtyard~This home features 8' interior doors, 10' ceilings, pendant prewires over the island, ceiling fan prewires in all bedrooms and great room, designer tile in the primary bathroom enlarged shower ~~upgraded plumbing and lighting fixtures.

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11507 E Utah Avenue Mesa, AZ 85212

$759,990

6 Beds

4.5 Baths

4,173 SqFt

Status Active

MLS # 6696375

Property Type Single Family Residence

Price Type --

Introducing this stunning six-bedroom, 4 1/2 bathroom home with an office and loft, boasting 10-foot ceilings on both levels. The famhouse style exterior features a paver driveway and inside the home features 8-foot doors with polishes chrome handles. With a 4 Panel Center slider off the great room, the space is bathed in natural light. Inside, find 6 x 36'' wood-look tile throughout the main areas and 4 1/4 inch baseboards. The primary bathroom showcases an enlarged shower, separate soaking tub, and dual vanities. Chrome bath faucets and upgraded vanity lighting adorn all bathrooms. The kitchen is a chef's dream with a 36-inch gas cooktop, separate wall oven, built-in microwave, painted shaker cabinets with hidden trash pull-out, polished nickel cabinet hardware, quartz countertops, and designer tile backsplash. This home is the epitome of luxury and comfort.

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33011 N 131st Drive Peoria, AZ 85383

$759,990

4 Beds

3 Baths

2,415 SqFt

Status Active

MLS # 6729272

Property Type Single Family Residence

Price Type --

This beautiful 4 bedroom, study, 3 baths and 3 car garage home with its large picturesque, energy efficient windows will allow you to embrace the beautify this premier community has to offer. Both 10' and 8' doors allow for loads of natural Arizona sunshine. Perfect for entertaining, the gourmet kitchen boasts an oversized quartz island with upgraded stainless GE appliances and designer inspired custom herringbone tile backsplash. Personal relaxation is abundant in the spa-like owner's retreat with quartz countertops and custom subway tiled super shower in the bath. 2X6 CONSTRUCTION; NEW HOME WARRANTY.

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5899 N 207th Avenue Buckeye, AZ 85396

$759,990

3 Beds

3.5 Baths

2,288 SqFt

Status Active

MLS # 6695250

Property Type Single Family Residence

Price Type --

This popular Gorgeous Starling floorplan with golf course views offers extra suite living for those out-of-town guests or a second master suite! 12' ceilings in the kitchen/great room with a multi-slide glass door leading out to the covered patio is perfect for indoor/outdoor living. The gourmet kitchen is well equipped with Quartz counters & tile backsplash, GE SS Profile appliances including double ovens, 5 burner cooktop, built-in microwave, and fridge! 3 bedrooms plus a den completes this fantastic home! Wood-look tile throughout most rooms, ceiling fans and window coverings! ^^Up to $30K can be applied towards closing cost OR short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited restrictions apply.

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16540 E El Lago Boulevard Unit 39 Fountain Hills, AZ 85268

$759,900

3 Beds

2.5 Baths

1,880 SqFt

Status Active Under Contract

MLS # 6753562

Property Type Townhouse

Price Type --

Original owners of one of the best lots in the Villa Estates subdivision. Conveniently located in the heart of Fountain Hills, close to shopping and dining and our famous fountain. Pride of Ownership shows in the upgrades of wood flooring, granite countertops, upgraded half bath and high end appliances. AC replaced 3 years ago, also garage cabinets and utility sink in garage. This gated community is well cared for and bright with green grass and trees.

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